The press company Postmedia, which in particular owns the Montreal newspaperwill cut 11% of its approximately 650 journalist jobs, various media announced at the end of the day on Tuesday.
The layoffs were announced to employees during a call from Vice President Gerry Nott.
“There is no doubt that we are in an existential struggle for survival,” Mr Nott exclaimed during a call to staffers to break the news, according to a recording shared by the Globe and Mail.
“There isn’t a property in our network that hasn’t been impacted by reorganizations, reorganizations or layoffs,” Nott added, according to the Star. However, the publications acquired by Brunswick News last year are an exception.
In addition to daily newspapers such as the Ottawa Citizen, the Calgary Herald and the Edmonton Journal, the press giant owns the National Post in particular. The group owns more than 130 brands.
According to Postmedia’s latest financial report, released on Jan. 12, the company’s most recent quarter, which ended Nov. 30, ended with a deficit of $15.9 million, a significant increase from a loss of 4, $4 million in the corresponding quarter of 2021.
Postmedia President and CEO Andrew MacLeod said in a statement that Postmedia must continue to grapple with a changing environment as the media industry continues to grapple with a sharp decline in advertising revenue.
This isn’t the first time Postmedia has had to make cuts in recent years. As of April 2020, the company had closed 15 regional newspapers, eliminating around 80 jobs.
Postmedia also discontinued the Monday edition of its daily print newspapers last fall.